Need help on an - Posted by chris

Posted by wes on July 10, 2004 at 20:37:26:

Is the seller willing to hold a second?

If not then the agent is probably correct.

Need help on an Apt…deal - Posted by chris

Posted by chris on July 10, 2004 at 15:28:21:

Hello… Newbie need help… I found a deal on a 8 unit apartment building… The total unit is going for 350,000.00, with each one rented at 500.00 a month… This is a good location… I called the realtor and he talked a good talk… I need help with trying to this thing to the table…The realtor told me that I would need @ least 20% down to get in… Are there any other ways I can get into this complex?..Thanks

Re: Need help on an Apt…deal - Posted by Randy (SD)

Posted by Randy (SD) on July 11, 2004 at 09:55:51:

Chris, you need to get the detailed financial picture on this property (rent rolls, leases, current tax & hazard insurance, income and operating expenses) this is pretty standard stuff and always required in small commercial deals (FYI anything over 4 units is considered commercial).

Is the seller willing to carry any secondary financing? What is the appraised value of the property? How did the seller arrive at his/her asking price? How?s your credit? What do you have for down pmt and closing?

Answer these questions and the answer to your question will become more evident?